You build successful businesses based on a willing, caring, and passionate team of employees that clearly understand the company's mission, values, goals, and objectives. Staff who don't understand the company, market, and customers won't last long.
High employee turnover is a concern most businesses look to address in today's workplace. As a result, companies spend millions on human resources and training to help build a successful and lasting team culture.
Here are 12 actions that you can take to help reduce employee turnover:
1. Select the right candidates
Put in place an extensive hiring and interview process that also covers personality tests which will encourage out-of-the-box thinking. Perhaps even include a 2 or 3-stage process.
2. Offer competitive benefits
Making standard superannuation contributions, standard pay rates, and overtime is essential for attracting loyal employees. Your business may need to introduce higher than industry standard pay rates or commission structures to attract A-grade performers.
3. Respect
Get to know your employees and treat them with respect. Show empathy, especially as employees are more than just numbers to your business - they embody your business' values and mission.
4. Make work fun
Break away from routine and encourage creative thinking. Casual dress Fridays or after-work dinner and drinks will help bring togetherness. Employees will appreciate this break from meetings, preparing reports, or sending emails.
5. Performance feedback
Prepare formal feedback sessions in a one-on-one meeting with your employees. Employees would be keen to understand where they sit and what areas they need to improve. Then, employees can take a breather and reflect on their contributions.
6. Work-life balance
No one wants to bring work home. Don't overload your employees with mountains of work they can't complete during work hours. Employees won't be productive at home and need a break from time to time.
7. Celebrate success
Small or significant achievements are great milestones in your employee's careers, and celebrating will help motivate them further.
8. Traditions
Traditions that help define your business, such as ringing a bell when a big sale comes through, will help bring everyone together. Company traditions can last decades and help attract immense talent.
9. Career progression
Providing a clear path for employees to climb up the ladder or attain skills in diverse areas will help bring about a sense of purpose and staff challenges.
10. Communication
Be sure to check in and keep in constant communication with your employees. If you have a question, don't send an email walk over to their office and ask them face to face. It helps build trust.
11. Work friends
Encourage after-work parties and gatherings to help build camaraderie, and learn about the people in your business, not just their work.
12. Hire smart people
Develop frequent training and brainstorming sessions that encourage employees to share ideas and pass them on to their colleagues.
Summary
At times, you can't avoid employee turnover. Some employees switch careers, retire, go off to study, or go travelling. However, employee turnover can benefit businesses by reinvigorating and bringing about new business ideas.
High employee turnover can be bad for a business as it reflects poorly on stakeholders and customers. Building a loyal and engaging workplace is essential to keep hold of your star employees who live and breathe the company.
